Jos. A. Bank rejects $1.54B acquisition bid by Men's Wearhouse

2:58 PM,
Dec. 23, 2013

Men's Wearhouse had offered to acquire Joseph A. Bank for the equivalent of roughly $1.2 billion.

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The financial industry's suit war intensified Monday, as clothing firm Jos. A. Bank rejected a $1.54 billion acquisition bid by Men's Wearhouse and the the larger rival said it would press on to combine the companies.

Hampstead, Md.-based Jos. A. Bank announced Monday that its board of directors had unanimously turned down the Nov. 26 takeover bid after concluding the $55-per-share cash offer "significantly undervalued the company."

The bid had represented an estimated 32 percent premium over the closing share price of Jos. A. Bank on Oct. 8 - the day before the smaller firm proposed its ...